Analysts revealed the statistics collected on housing loans. Home sales in Turkey continued to decline in the last quarter of 2023 reaching a total of 326,000 units in three months. Compared with 1.5 million housing units in 2020, which are considered to be the "peak" over the past 10 years, this sharp drop is primarily due to difficulties with the population's access to housing loans.
Thus, the volume of housing loans in the third quarter of 2023 decreased by 63.8% compared to the previous quarter. Their number in the country has fallen to 33,000, but the average amount of housing loans for the same period — July-September — amounted to 682,000 TL.
Moreover, the indicators of transactions in the fourth quarter of last year with mortgage and other housing loans are lower, exact data for 3 months have not yet been announced.
Overall, mortgage sales in Turkey fell by 37% for the whole year. Locals are afraid of taking risks: the annual percentage is close to 50%, and people prefer to buy housing with their accumulated money. Only not everyone has this opportunity, so the ideal option is either interest-free instalments, or quick assembly houses (factory production), for which the country provides subsidies.